2019 Affordable Housing General Obligation Bond

What the Bond Does

With this investment, the City will:

• Create new affordable homes, especially for growing senior population
• Accelerate the rebuilding of distressed public housing sites for some of the City's most vulnerable residents
• Preserve affordability in existing housing at risk of market-rate conversion or loss due to physical disrepair
• Protect San Franciscans living in apartments at risk of displacement, including those covered by rent control
• Expand rental and homeownership opportunities for the City's middle-income residents and workforce, including educators, first responders, non-profit workers, and service industry employees
• Set a goal for $200M of Bond's funds to serve extremely Low-Income households (30% AMI or less)

The 2019 Bond proposal allocates:

$150M for Public Housing
$220M for Low Income Housing
$60M for Preservation and Middle-Income Housing
$150M for Senior Housing
$20M for Educator Housing
                          
$600M TOTAL

First Issuance

On March 30, 2021, the City competitively sold $254.6 million of City and County of San Francisco General Taxable Obligation Bonds (Affordable Housing, 2019), Series 2021A (the “Bonds”). The Bonds will constitute the first series of bonds to be issued from the aggregate authorized amount of $600 million.

The Bonds are rated AAA/Aaa/AA+ by S&P, Moody’s and Fitch Ratings, respectively. The final bond maturity is June 15, 2046.

Proposed Uses:

$50,620,000 for Public Housing
$143,700,000 for Low-Income Housing
$37,100,000 for Preservation and Middle-Income Housing
$21,200,000 for Senior Housing
$252,620,000 subtotal, project funds
 
$505,240 for CSA Audit Fee
$751,338 for Cost of Issuance
$254,585 for Oversight Committee
$450,998 for Underwriter's Discount
$2,839 for Additional Proceeds
 
$254,585,000 TOTAL

Second Issuance

On April 11, 2023, the City competitively sold $172.0 million of City and County of San Francisco General Taxable Obligation Bonds (Affordable Housing, 2019), Series 2023C (the “Bonds”). The Bonds will constitute the second series of bonds to be issued from the aggregate authorized amount of $600 million.

The Bonds are rated AAA/Aa1/AAA by S&P, Moody’s and Fitch Ratings, respectively. The final bond maturity is June 15, 2048.

Proposed Uses:

$97,880,000 for Public Housing
$38,591,653 for Low-Income Housing
$9,400,000 for Preservation and Middle-Income Housing
$20,400,000 for Senior Housing
$166,271,653 subtotal, project funds
 
$332,543 for CSA Audit Fee
$700,914 for Cost of Issuance
$168,315 for Oversight Committee
$841,575 for Underwriter's Discount
$3,685,000 for General Reserve
 
$172,000,000 TOTAL

Third Issuance

On January 30, 2025, the City competitively sold approximately $70.0 million of City and County of San Francisco General Taxable Obligation Bonds (Affordable Housing, 2019), Series 2025C (the “Bonds”). The Bonds constitute the third series of bonds issued from the aggregate authorized amount of $600 million.

The Bonds are rated AA+/Aa1/AAA by S&P, Moody’s and Fitch Ratings, respectively. The final bond maturity is June 15, 2025.

Proposed Uses:

$35,308,347 for Low-Income Housing
$6,450,000 for Preservation and Middle-Income Housing
$5,200,000 for Senior Housing
$19,800,000 for Educator Housing
$66,758,347 subtotal, project funds

$133,517 for CSA Audit Fee
$118,526 for Cost of Issuance
$67,435 for Oversight Committee
$337,175 for Underwriter’s Discount
$2,585,000 for General Reserve

$70,000,000 TOTAL

Proposition A General Obligation Bond Documentation

General Obligation Bond Report
Legal Text of Proposition A
Legislative Digest and Controller’s Statement (from Voter Guide)
Housing General Obligation Bond Report December 2021
Housing General Obligation Bond Report June 2022
Housing General Obligation Bond Report December 2022
Housing General Obligation Bond Report June 2023
Housing General Obligation Bond Report December 2023 
Housing General Obligation Bond Report June 2024
Housing General Obligation Bond Report December 2024